来源：Y趣理说 在公募基金行业整体迈向高质量发展的背景下，新华基金却显得有些"步伐凌乱"。 登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近期，新华基金在品牌、股权与管理层层面接连动作，释放出强烈的"重启信号"。公司正式启用全新品 牌视觉体系，在新版LOGO中直接引入实控方，北京金融街投资集团的标识，试图强化股东背书，重塑 市场认知。 股权结构的变化几乎与高管调整同步落地。2024年12月，中国证监会核准北京华融综合投资有限公司受 让新华基金约30.31%股份，成为重要股东。同日，公司宣布"换帅"，由原恒泰证券党委副书记、总裁银 国宏出任董事长，原董事长于春玲因个人原因卸任。 随后在12月底，新华基金再次公告增资扩股，恒泰证券与北京华融合计现金注资约8亿元，公司注册资 本由2.18亿元跃升至6.28亿元。增资完成后，恒泰证券持股52.99%，北京华融持股43.18%，其余股东持 股比例被进一步边缘化。 如果说治理结构的变动还停留在"表层修复"，那么投研团队的持续动荡，才是新华基金更深层的隐忧。 Wind数据显示，仅2024年一年，新 ...

证券研究报告：固定收益报告 发布时间：2025-12-11 研究所 ⚫ 理财规模有望继续增长，收益率仍面临挑战 理财规模站稳 30 万亿大关，新增发行产品有序扩容。2025 年三 季度，银行理财规模达 32.13 万亿，产品数量稳步上升，固收占绝对 多数，风险类别向二级集中，参与人数持续增加。低利率环境下，理 财产品的底层资产收益曲线整体下移。2025 年理财产品普遍通过投资 低波动、短久期和高流动性资产的方式降低影响，并且增加同业存款 比例，抗波动能力进一步提升，债市行为主要体现为对同业存单的偏 好大幅上升和对企业债的规避，以及信用债哑铃型配置策略和政金债 降低久期。综合来看，存款脱媒背景下，理财 2026 年规模仍有增长 空间，在监管去通道化、净值透明化的要求下，理财资产配置或更加 偏重稳健，流动性和久期控制将是理财平稳波动的主要考量因素。 ⚫ 公募债基与理财互动深入，关注产品结构的变化趋势 近期研究报告 《连续调整后，二永的机会在哪儿？— —信用周报 20251210》 - 2025.12.10 固收周报 理财风光仍在，债基格局重塑 ——2026 年展望系列五 ⚫ 居民投资偏好回升，安全资产需求仍在 存 ...

Group 1: Industry Overview - The public fund industry is experiencing new opportunities for development due to favorable external and internal factors, including the release of the "Action Plan for Promoting High-Quality Development of Public Funds" by the CSRC [1] - The macroeconomic environment shows positive trends, with GDP growth rates of 5.4% in Q1 and 5.2% in Q2, leading to a cumulative growth of 5.3% in the first half of the year [3] - The contribution of domestic demand to GDP reached 66.8%, with final consumption expenditure contributing 52%, highlighting the importance of domestic consumption in economic development [3] Group 2: Company Strategy - The company has established three main business strategies: "Global Sci-Tech Family," "Index Family," and "Fixed Income Family," which are in the early stages of development [1] - The company is optimizing its product strategy by launching new products and upgrading existing ones, focusing on niche strategies in various technology sectors and enhancing index funds [2] - The company is enhancing its talent acquisition and development by combining internal team building with external talent recruitment, focusing on key areas such as technology innovation and new fixed income strategies [2] Group 3: Market Dynamics - Long-term capital is seen as an effective counter-cyclical stabilizer that reduces market volatility and boosts investor confidence, with state investments diversifying into various indices [4] - The investment scope of state-backed funds has expanded to include strategic emerging industries such as semiconductors and AI computing power, improving market structure and reducing speculative trading [4]